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business
micro economics

Questions and Answers of Micro Economics

What is the primary function of tariffs in industrial nations? In developing nations?
When is partial equilibrium analysis of a tariff justified? How is this performed?
What is meant by the consumption, production, trade, revenue, and redistribution effects of a tariff? Discuss.
What is meant by the protection cost, or deadweight loss, of a tariff? How is this measured?
What is the difference between a nominal tariff and an effective tariff? What is the usefulness of the concept of effective protection? How is the rate of effective protection measured?
What is the tariff structure of developed nations? Why is this of special concern to developing nations? What is the most serious shortcoming of the concept and measure of effective protection?
Using general equilibrium analysis, indicate the effect of an import tariff imposed by a small nation on the relative commodity price of the importable commodity for individuals in the nation and for
What is an import quota? How is it mostly used today? What are the partial equilibrium effects of an import quota? How are they similar to and different from the effects of an equivalent import
What is meant by strategic and industrial trade policy? What is its relevance?
What is the importance of the Trade Agreements Act of 1934? What are the ruling principles of GATT?
What are the major accomplishments of the Kennedy Round? Of the Tokyo Round? What do the Trade Acts of 1984 and 1988 provide?
What did the Uruguay Round accomplish?
What are the outstanding trade problems facing the world today?
Why do we need the Doha Round?
What is meant by voluntary export restraints? How has the United States used them?
What are the technical, administrative, and other nontariff barriers to trade? How do they restrict trade? What is the importance of these nontariff trade barriers relative to tariff barriers?
What are international cartels? How do their operations restrict trade? Which was the most successful international cartel during the 1970s? Why did its power decline sharply in the 1980s?
What is meant by dumping? What are the different types of dumping? Why is dumping undertaken? What conditions are required to make dumping possible? Why does dumping usually lead to trade
Why do nations subsidize exports? To what problems do these subsidies give rise?
What are the fallacious and questionable arguments for protection? Why are they fallacious and questionable?
What is the infant‐industry argument for protection? How must this argument be qualified?
What are the other qualified arguments for protection? In what way must they be qualified?
Compare your results of Problems 8 and 9. In Problem 8 & 9 Draw a straight‐line demand curve for a commodity crossing both axes and its corresponding marginal revenue curve (lying everywhere
Suppose that from the free trade production point B, the nation of Figure 8.5 wants to produce 65X (point F). Indicate:(a) How the nation could do this with a tariff or with a subsidy.(b) Why the
Explain how the effects of a negotiated export quota of 30X, found in Problem 6, are similar to and different from those of an equivalent import tariff or quota.
What is meant by economic integration? A preferential trade arrangement? A free trade area? A customs union? A common market? An economic union? Give an example of each.
How does the EFTA compare with the EU?
What is Mercosur? Why have attempts at economic integration among developing nations generally met with limited success or failure?
What is the CMEA? What is required for economic restructuring and integrating the countries of Eastern Europe and the former Soviet Union into the world economy?
What are CEFTA and BAFTA? What was their ultimate aim?
What is meant by trade creation? What static welfare effects will a trade‐creating customs union have on member nations and on the rest of the world? How do these static welfare effects arise? How
What is meant by trade diversion? What static welfare effects will a trade‐diverting customs union have on member nations and on the rest of the world? How do these static welfare effects arise?
What is the theory of the second best? In what way is the theory of customs unions an example of the theory of the second best?
Under what conditions is the formation of a customs union more likely to lead to trade creation and increased welfare?
What dynamic benefits are the nations forming a customs union likely to receive? How do they arise? How large are they?
What was the effect of the formation of the EU on trade in industrial and agricultural products with the rest of the world?
What is the magnitude of the static and dynamic benefits to members resulting from the formation of the EU?
What free trade agreements have been negotiated by the United States? What is NAFTA?
Explain why the 1988 U.S.‐Canada Free Trade Agreement created much less controversy in the United States than NAFTA, which included Mexico.
Why did some economists regard traditional trade theory as irrelevant for developing nations and the development process? How can this charge be answered?
Why do developing nations want to industrialize? What is meant by import substitution? by export‐oriented policies? What are the advantages and disadvantages of each as a method of
What has been the experience with import substitution during the past decades? What has this experience led to?
What are the major problems facing developing countries today? What are their causes?
Which region of the world has the largest concentration of poorest countries? Why are these countries so poor?
How do developing countries propose to resolve the major problems that they face today? What are the prospects of resolving them in the near future?
Has globalization increased or reduced world poverty? What is the World Bank agenda for reducing world poverty?
In what way was international trade an engine of growth for the regions of recent settlement during the nineteenth century?
Why can international trade not be expected to be an engine of growth for today's developing nations? In what ways can international trade still play a very important supportive role for development
What is meant by the commodity, or net barter, terms of trade? The income terms of trade? The single factoral terms of trade? The double factoral terms of trade? Which are the most significant terms
What reasons did Prebisch, Singer, and Myrdal give for their belief that the commodity terms of trade of developing nations have a tendency to deteriorate over time?
What criticisms have been levied against the United Nations study that Prebisch and Singer quoted in their work to confirm their belief?
What conclusions can be reached on the basis of the many empirical studies conducted as to the movement of the commodity and income terms of trade of developing nations over the past century and
What is export instability? What are the alleged causes and effects of export instability on economic development? What are the results of empirical studies on export instability and its effects on
What are international commodity agreements? Why do developing nations want them? What is meant by buffer stocks, export controls, and purchasing agreements? Can you give an example of each?
In what way did the implementation of the Uruguay Round help developing nations? In what way did it not?
What effect is an improvement in the technology of primary production likely to have on the terms of trade of a developing country? Why?
Is the nation in Problem 6 better or worse off in 2010 as compared with 1980? Why? In Problem 6 Taking the index of export prices, import prices, volume of exports, and productivity in the export
In what sense are international flows of productive resources a substitute for international commodity trade?
What is the importance of multinational corporations today? What are the reasons for their existence?
What are some of the problems created by multinational corporations in the home country? In the host country?
How have host countries attempted to limit the alleged harmful effects and increase the beneficial effects of multinational corporations?
What are the motives for the international migration of workers? What is the effect of labor migration on real wages, total output, and the relative share of national income going to labor in the
What is meant by the brain drain? Why is it a problem? How can it be overcome?
What is meant by portfolio investments? Through what institutions do they usually take place?
What is meant by direct investments? By what organizations are they usually undertaken internationally?
What was the dollar value of U.S. direct investments abroad and U.S. private holdings of long‐term foreign securities in 1980 to 2014?
How were U.S. foreign direct investments in 2010 distributed among Europe, Canada, Latin America, and elsewhere? How much of U.S. foreign direct investments in 2014 went into manufacturing, finance,
What are the basic motives for international portfolio investments? What additional reasons are required to explain direct foreign investments?
How can two‐way international capital investments be explained? What is meant by risk diversification? Horizontal integration? Vertical integration?
What is the effect of foreign investments on the national income of the investing and host nations? What is the effect on the relative share of national income going to capital and labor in each
What is the effect of foreign investments on the balance of payments of the investing and host nations in the short run and in the long run? What problems do nations with high corporate tax rates
Using Figure 12.2, explain why organized labor in the United States opposes U.S. investments abroad.
Using Figure 12.2, explain why labor in developing nations benefits from an inflow of foreign investments.
Update Table 12.6 for the most recent year for which data are available. How the ranking of the world has the largest MNCs changed since 2014?
Update Table 12.2 for the most recent year for which data are available.
Update Table 12.4 for the most recent year for which data are available.
What is meant by the balance of payments? In what way is the balance of payments a summary statement? What is meant by an international transaction? How is a resident of a nation defined? In what way
What are the most serious pitfalls to avoid in analyzing a nation's balance of payments or the statement of international transactions?
What were the cause and effect of the large U.S. trade imbalance during the postwar period?
What is meant by the international investment position of a nation, or its balance of international indebtedness? What is its relationship to the nation's balance of payments?
What is the most important use of the statement of the international investment position of a nation?
What are the benefits and risks of the United States being a large net debtor nation?
What international transactions are included in the current account? What does the capital account include? What are the credit and the debit transactions in the current and capital accounts? What is
What international transactions are included in the financial account? What is meant by the net acquisition of financial assets? The net incurrence of liabilities? Net lending and net borrowing from
Why must the balance of payment as a whole always balance? What is double‐entry bookkeeping? Why does double‐entry bookkeeping usually involve an entry called statistical discrepancy? How does
Did the U.S. current account show a net lending or a net borrowing in 2014? What was its size?
Did the U.S. financial account show a net lending or a net borrowing in 2014? What was its size?
How was the statistical discrepancy of $150 billion arrived at in the U.S. balance of payments in 2014?
What is meant by the "current account being the bottom line in the national income statement of the nation?"
What is the relationship among the current account deficit, the budget deficit and private investment and saving?
A U.S. resident imports $500 worth of goods from a U.K. firm and promises to pay in three months. Indicate how the transactions indicated in Problems are entered into the U.S. balance of payments:
What are foreign exchange markets? What is their most important function? How is this function performed?
What is interest arbitrage? Uncovered interest arbitrage? Covered interest arbitrage? How is interest arbitrage covered in the forward market? Why does the net gain from covered interest arbitrage
What is meant by the foreign currency being at covered interest arbitrage parity (CIAP)? What are some of the forces that can prevent the achievement of CIAP?
(a) What is a Eurocurrency? (b) Why would offshore deposits be a more appropriate term? (c) Why is the spread between lending and borrowing rates lower on Eurocurrencies than on commercial bank
(a) Are Eurocurrencies money? (b) Do Euro banks create money? (c) What are the most serious problems created by the existence of Eurocurrencies?
What is the difference between Eurocurrencies on the one hand and Eurobonds and Euro notes on the other?
What are the four different levels of participants in foreign exchange markets? What are the other functions of foreign exchange markets?
What is meant by the exchange rate? How is the equilibrium exchange rate determined under a flexible exchange rate system?
What is meant by a depreciation of the domestic currency? An appreciation? What is the cross exchange rate? What is the effective exchange rate?

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